Taca Taca

The Company, through its Argentinian subsidiary CASA, owns 100% of the Taca Taca project located in Salta Province in Argentina.

In August 2014, the Company acquired the remaining 94% of the common shares of Lumina Copper Corporation (“Lumina”) that it did not previously own. Lumina’s primary asset was the Taca Taca project in Argentina, a copper-gold-molybdenum porphyry deposit in an advanced exploration phase.

The main project area and areas of associated interest are held in a composite package of mining rights consisting of 68 concessions, 3 exploration permits, and one easement. 14 concessions were added during 2016 as the Company consolidated its landholdings to prepare for the project development stage. Two of the mining concessions have a 50% ownership with third party groups. The property is subject to a 1.5% net smelter returns royalty.

A detailed review of geology, exploration and development options for the project has been completed. During 2015, preliminary drilling to identify more proximal fresh water sources was carried out, with initial results suggesting that further drilling is warranted in targeted areas. The environment impact study (“EIA”) for site construction and operation, including a preliminary Project Alternatives Study, was initiated and continue into 2017. Collection of baseline data for fauna, flora and other environmental attributes was completed.

A scoping study for the electricity supply and transmission line is underway by a local contractor and the results will be incorporated into the EIA for this infrastructure, which has been awarded to consultants for implementation. Communication with communities and relevant authorities continues and a detailed social baseline study is underway.